Tuesday, June 7, 2011

Hong Kong Stock Market Wrap June 2nd, 2011

Dragon Crown Group Holdings (935 HK) closed its retail book yesterday. Sources closed to underwriters say the company will list on the bourse in October as scheduled despite previous misstating of its EPS. (Hong Kong Economic Journal 8)

Emperor Capital (717 HK) plans to raise around HK$578 million through rights issue at the subscription price of HK$0.338 per rights share on the basis of two rights shares for every one existing share. (Sing Tao Daily B4)

Eternity Investment (764 HK) agreed to buy a target company at HK$267.6 million. The target company has a property situated in The Grande Building, Kwun Tong Rd. Kowloon, Hong Kong. (Sing Tao Daily B4)

Franshion Properties (817 HK) agreed to sell the entire equity interest in Shanghai Chentuo Property at a consideration of around RMB933 million to Baogang Resource. (Sing Tao Daily B4)

Global Bio-Chem Technology (809 HK) hopes to see a substantial increase in its profits for the first four months in 2011, which is due to the improvement in daily operation and cash flow. The company has no need of debt financing for the time being. (Sing Tao Daily B5)

Kaisa Group (1638 HK) announced that the company’s contract sales in May 2011 amounted to RMB970 million, representing an annual growth of over 55 percent. (Sing Tao Daily B4)

King Stone Energy Group (663 HK) will form a joint venture by establishing a limited company in the PRC, a fund management co., with CITIC Trust and Shanxi Mineral. The company’s equity interest in the fund management co. will be 45%. (Hong Kong Economic Journal 28)

PCCW Limited (8 HK) announces that the Stock Exchange has approved its proposal to spin off its telecommunications business by way of a listing of a business trust on the main board. (Hong Kong Economic Journal 28)

Resourcehouse (394 HK) closed its retail book yesterday. Sources say its retail tranche is undersubscribed owing to factors such as market volatility. (Hong Kong Economic Journal 8)

Samsonite International’s (1910 HK) offer price ranges between 13.5-17.5 per share. Maximum offer price a lot of 300 shares amounts to 5302.92. (Hong Kong Economic Journal 8)

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard